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america. and that we reduce our deficit in a balanced way that allows us to make critical investments. now, it ultimately is going to be up to the voters, to you, which path we should take. are we going to double down on the top down economic policies that helped get us into this mess? or do we embrace a new economic patriotism, that says america does best when the middle class does best? i'm looking forward to having that debate. >> governor romney, two minutes. >> thank you, jim. an honor to be with you and pleased to be with the president. i'm pleased to be at the university of denver, i appreciate the welcome and the presidential commission on these debates. and congratulations to you, mr. president, on your anniversary. i'm sure this is the most romantic place you could imagine, here with me. this obviously is a tender topic. i've had the occasion of meeting people across the country. i was in dayton, ohio and a woman grabbed my arm and said i've been out of work since may. can you help me? and yesterday was at a rally in denver and a woman came up to her with a baby in her arms and s
to handle the economy, mr. romney leads by three. on the deficit, mr. romney leads by nine. on all of these issues, that's the one on which he has the strongest trust from voters as compared with president obama. and that confidence in mr. romney on the deficit turns up not just in the nbc/"wall street journal" poll, but in a lot of national polls. even though he hasn't given a lot of details as to how he would handle the deficit as an issue. the bottom line, there's no question as to who you would rather be here, right? you would rather be president obama than mitt romney looking at these numbers. that plus 19 advantage that the president has on looking out for the middle class, that is a death nail for mr. romney's campaign if he cannot turn that around. but i think looking ahead to tonight's debate, there is a real opportunity in the huge disconnect in the electorate, in a way that reflects a real risk for president obama. there's this huge disconnect between mr. obama's best number with voters and one of his worst numbers. which is that president obama has so far not been able
. >> another hot topic, the deficit. >> it's now four years later, we still have trillion dollar defici deficits. >> $2.50 for every cut, we ask for a dollar of additional revenue paid for as i indicated earlier by asking those of us who have done very well in this country to contribute a little bit more to reduce the deficit. >> there were also some notable exchanges about jobs, health care, energy industry subsidies and regulation, all of these things got deeper than some people had been expecting. we'll talk about those topics with john harwood. but if you were watching, as they headed in a 70% -- >> down from 80 the day before. >> right now it's down to about 66% in trade obviously suggesting romney got a big boost. >> mini flash crash. >> among our political guests this morning ready to talk about the road to election today, arianna huffington will be our guest host. huffington "post" obviously has a left bent, but it was declaring romney won the debate. ken duberstein will join us, as well. >> i was reading some of your tweets last night, john, and i liked your tweet. i tell you w
with a deficit of more of 7% of gross domestic product, any solution to our budgetary problems has to involve spending cuts and tax increases. ronald reagan agreed to tax increases when it hit 4%. george w. bush did when it was 3% of gdp. but today's republican party is organized around the proposition that no matter the circumstances, there must never be a tax increase of any kind. the simpson-bowles proposal calls for $1 for every $3 of spending cut bus every republican presidential candidate during the primaries including romney pledge thad he or she would not accept $10 of spending cuts if that meant $1 of tax increases. so romney could present a serious economic plan with numbers that add up and then he would face a revolt within his own party. so his solution has been to be utterly vague about how to deal with the actually deficit. when pressed for details, he said, the devil's in the details. he's right. were he to get specific he would be committing ideological blasphemy. instead he talks about freedom and capitalism. the same pattern emerges on immigration. he says he wanted to solve
promises. you know, $5 trillion in cuts but it won't add to the deficit, trust me i'll tell you later. eat cake, lose weight. so i don't think he got the game changer he needed tonight. i do think the president was particularly strong, though, in getting governor romney to admit that he does want to turn medicare into a voucher program and i also believe the president was good in drawing the contrast between the two economic approaches, the two economic plans. governor romney believes that tax cuts for the wealthy grow jobs. most of us understand that those sorts of tax cuts are what grow deficits. they don't grow jobs. and president obama and his opportunity economy, i thought that exchange was lucid. i don't think it was a game changer tonight. the president handled himself with a more dignified reserve. when governor romney was tested, he got kind of testy. and i thought that the president maintained his cool throughout and did well. >> what about the president's cool and the president's dignified reserve as you put it, do you think he's going to have to change that style going forward
the math work on his deficit plan and his tax plan. are we going to get those details in the course of the debate? >> well, you know, david, i wish you guys were just as tough on the president. the president says he's going to create a million new manufacturing jobs. he doesn't say how. he says he's going to reduce the long-term debt and deficit by $4 trillion. doesn't say how he's going to do it. you know, let's be fair here. governor romney has laid out a direction and a vision for the direction of this country. he's not an accountant. he's not going to go line by line as much as you'd like him to do through the budget. but let's hold the president to the same standard and criticize him as well. >>> good morning, it is monday, october 1st. it's october, everybody. welcome to "morning joe." >> yeah, you know who's glad september's over? >> who? >> the jets. holy cow! >> i thought you were going to say mitt romney. with us on set, we have msnbc and "time" senior political editor mark halperin and national affairs editor for "new york" magazine john heilemann. guys. hi, willie. >> he
, then there's no way we're going to deal with a $16 trillion debt and $1 trillion a year deficit. >> medicare, medicaid, social security. fe forget about that. >> this is a no-brainer. first of all, look on your cell phone bill with the tliline tha says universal service fund or fee. you're paying for this. you need to call your member of congress, your senators, call anybody you can and tell them to get on board with killing this program. i have been shocked at how hard it's been to convince people. a lot of that's because people don't know. but you're helping educate them. >> on the cell phone, it says universal fee, universal services fee. that's the cost that taxpayers are paying so that low-income folks can get these phones. that's what we should be looking for. just to be clear, they're not just getting a free phone, but free service. >> it's the service. what happens is the government pays the service and the phones are often given by the provider. that's right. >> all right, congressman. great to have you on the program. we'll be watching this developing story. really an extraordinary
be created in the coming months. that of course is a really big thing. more jobs will slash that deficit. >>> our third story, another day, another bad set of numbers for mitt romney. there are two new polls today by the american research group and they have mitt romney trailing president obama in two more swing states. five points in new hampshire and two in virginia. although i wanted to highlight the virginia one. there had been other polls to show that gap wider. this would be a much better than expected result than some of the others we've seen. this week -- has not been kind to the republican candidate as polls have shown him falling behind the president. but he is not showing any change in confident. >> i've got a little secret here and that is that obama campaign thinks that pennsylvania is in their pocket. they don't need to worry about it. and you're right and they're wrong. we're going to win pennsylvania. we're going to take the white house. >> he's going to have to overcome a big deficit to do it, but people do like a comeback kid. max, jen, the obama campaign press secretar
to start talking about the issues. they're going to start talking about the economy. why the deficit's been above $1 trillion now four years running, and maybe if the moderators get into it, what's happening in the middle east, and what they think they can do about it. i think that governor romney's plan's going to be to try to stick to the substance because i think the country knows we need a change. >> i'm only half joking about kicking out of the room. metaphorically, a lot of republicans want to see mitt romney do just that to the president. they want to see him verbally beat him up and make the points that you've made crystal clear and win the argument. but there's another argument that says that one of mitt romney's problems is he's not likeable enough and he may need to turn on the kind of easy ronald reagan charm which he deployed so successfully in debate. it's a fine line, isn't it, between being hard and aggressive and making a point, but also coming over as likeable. >> right. and piers, really, the way to deal with that, and i think this is true for any debate but especially on
a budget come out that continues to bring the deficit down to sustainable levels. europe has pledged to work in partnership with spain to make sure its banks get recapitalized and continue to afford a access the markets. we will see as they work in the partnerships the days ahead again, they have the tools and we see the political will on the part of the spanish go >> you watch spain, you just got back from china. i have a bunch of questions about china, stories in the paper, lael, in china is the first question, the second question is the republican nominee, mitt romney, has accused the obama administration of not being tough enough on china. the third question you have a report coming out october 15th on whether china is a currency manipulator. what are you going to say? >> well, let me just start with your first question. china's leadership team is undergoing a transition process and confront important questions how they are going to take forward their economic policy. steve, as you know, since day one, president obama's been extremely focused on achieving a more balanced relation
. deficit larry mean that is you are spending more than you are taking in. there are two things that you can do. you have to look at the spending to determine what you have to hold on. you have to set a priority to control spending. in the second thing you must have a program to increase growth in this country and new revenue. that makes a lot of the decisions about spending easier. you get more money coming in. >> president, you have been accused by your critics of failing to deal with entitlement spending reform and basically trying to raise taxes as the only means of deficit spending. are those charges fair? >> absolutely not. we had a deal going. myself and mr. baynor until mr. can toter stepped in. what i could support is that we would have tax cuts and we would have cuts in the budget and in areas certain revenues and increased ed in taxes. it seems fair $1 of tax increases and $3 to $4 of cuts in the budget. >> 3, to $4 to $1. could you guy into that? do you think your fellow republicans could buy into that? >> the more taxes you raise, the less growth you get. that is a economic pro
? >> it's been very damaging. we have seen a trade deficit explode. take auto parts. ten years ago, the trade deficit was $1 billion with china on auto parts. today it's $10 billion. that's why the president at the urging of a number of us, they have taken china to the world trade organization to show china is cheating and to ask for tariffs to protect american companies and to protect american workers. and we're seeing a pattern of the government finally on the side of workers, finally on the side of american manufacturing, standing up for american workers against china. we have a new steel mill. we're seeing jobs actually come to this country or stay in this country because we're standing up and enforcing trade rules. >> romney and the republicans keep talking about another tax cut for the job creators. don't we just see them increasing their profits by outsourcing this way? i mean, the model that romney wants to lay on the country, how could it be good for workers in ohio? >> well, it's not. we tried these tax cuts for the rich. hoping it trickles down to the middle class, it do
the deficit among likely voters for obama from five points to three points. and in florida, he's closed from five down to one which is tied given the margin of error in our poll. in virginia, he has closed the gap from five to two. if you look at the state of ohio, a must-win state for mitt romney, mathematically possible for him to get to it without it but his strategists think he needs it. he needs to make progress there. but the fact that some of the national polls are coming back a little bit, some of the swing state polls are tightening, is a bit of an earn couragement for romney that he still has an opportunity for deficit with three or four points to change the dynamic in some way. he's got to hope that obama is not on his best game. you could have a scenario that like what happened in 2000 where george w. bush moved significantly without gore and ultimately became president. >> it's interesting that the poll also shows, as you mention, this 12% of swingable votes in the middle that he could potentially get a hold of. also ensuring that the big money continues to back him moving forwa
. it wasn't just that this was just the biggest driver of our federal deficit, but it was families who were worried about going bankrupt if they got sick. millions of families all across the country. they had a preexisting condition, they might not be able to get coverage at all. if they did have coverage, insurance companies might impose an arbitrary limit. and so as a consequence, they're paying their premiums, somebody gets really sick, lo and behold, they don't have enough money to pay the bills because the insurance companies say that they've hit the limit. so we did work on this, alongside working on jobs. because this is part of maki sure that middle class families are secure in this country. let me tell you exactly what obama care did. number one, you've got health insurance, it doesn't mean a government takeover. you keep your own insurance. you keep your own doctor. but it does say insurance companies can't jerk you around. they can't impose arbitrary lifetime limits. they have to let you keep your kid on your insurance plan until you're 26 years old. and it also says that you're
teachers and expand student aid and beef up public unions, sure. cut the deficit and raise the tax rates on upper incomes of successful businesses, guess what it has not worked so far. if it was going to work, it would have already worked. so is this really obama's version of economic patriotism? let's talk. here's jimmy william and cnbc contributor of the american enterprise institute. what is so bloody patriotic about tax hikes, spending increases, regulatory increases and a lousy, worst economy since 1947? >> i'm worried what we will see in 2013 if the president wins is an economic patriot act. and part of it will be dramatically higher taxes on wealthier americans, entrepreneurs. anyone who thinks the end of the obama tax hikes are going to be raising it back to the clinton levels are crazy. you are going to see surtaxes, surtaxes on corporations. there's no way the obama spending numbers work without dramatically higher taxes far above what we saw in the clinton years. >> one of these things has my goat. obama talks about cutting tuition, you can't cut tuition if you expand student
's the question. of course everybody wants a tax cut, but if it's not going to cause bigger deficits, tell us how you're going to do it, and they won't do it. they won't say we're going to get rid of charitable deductions, won't get rid of homeowner, state and local. that's where all the money is. it's not little doodads here. joan, you take this one. he won't tell us. same question comes up wednesday night, can romney dodgeball it? can he say i'm not telling you how i'm going to do the major thing i promised to do, get the economy going through a tax cut, but i'm not going to tell you how i'm going to do it. can he get away with it with even the -- >> i hope not. i think this is a moment for jim lehrer to be very tough, respectful tough, and for president obama to come back at him and to say, look, i'm happy to see -- your running mate said he didn't have enough time on sunday. that's too bad. that's terrible, in fact. i'm willing to cede, governor romney -- >> could jim lehrer get away with simply saying, i have a little liberty here, a little leeway, i will give you all the time it takes. tell
'm sure you didn't miss it. 15-point deficit for mitt romney. i'm guessing you'll argue with some parts. >> i'm not going to argue with it at all. do you really believe it's right? let me test your political wisdom. do you think it's possible for that to be right? you know it's a piece of garb e garbage? >> this is a good pollster, but you can argue that it's not 15%. do you believe mitt romney is behind in new hampshire? >> no, i believe it's head to head in new hampshire. and i've seen enough other polls to tell you that is a piece of garbage. this race in new hampshire will be won by mitt romney by two to three points. i'm willing to say that publically and stick by it and i know that it that poll of 15 points is absolutely invalid. >> every sort of professional poll i have seen of campaigns, though, all seem to have barack obama ahead and the big issue in new hampshire has been the gender gap with moderate women who may be the republicans fiscally but uncomfortable on social issues. you have had to navigate that before. that's always an issue for new hampshire republicans. how does
knew that he was responsible for the deficits elmo has to watch out. >> joining me now nbc's joy read. he is going to cut 1, 100th of 1% of the federal budget by cutting any subsidies that go to pbs, i don't know, i don't think he is going to get to that balanced budget with that. >> i don't think so. but he will stop those socialists muppets. the problem with the idea of cutting such a small piece of the budget with pbs is medicare and medicaid. he said that he would increase military spending so what mitt romney would be left with would be slashing a third of something else. that would be school lunches and veterans benefits. he would have to slash everything else in the budget. >> the politics of it is looney. going after something that is so popular for something that is such a tiny dollar cost it is not in the rounding era margins in the budget it is dangerous. peggy noonan is saying watch out for big bird. mr. romney gave a small difficult to the incumbents i think she is right. joy, this is a bad place for romney to go. >> this was the one bone to romney threw to the far right.
. >> $80 billion? >> it's like 80 build per year. and we need to cut -- close the deficit by a trillion. we got a trillion dollar deficit and it raises like -- i think it's less. maybe 40 billion. >> are you correct, it's not sufficient. >> and he's not talking about anything else. you can keep your entitlement, keep this -- he's not talking about doing specific things with entitlements. >> you're right to this extent. he's not talking specifics on entitlements. >> it's mostly we'll tax rich people so that -- or people that make over 250 and you'll basically get to keep everything including the phones. >> joe, i thought you either wanted to talk about the last minute kick that a billy -- >> i didn't see that. oh, the redskins. >> or my terrific story on debates in the "new york times" this morning. >> it was between piece. it was a very good piece. >> i did see that. >> thank you. let me recap. >> you didn't even mention the bengals beat the redskins. >> i was going to if you brought it up. and congratses on the reds, too. they have tied the nationals for best record in baseball. so we've g
leads according to our poll, on unemployment and the deficit. let me ask you this, ben, because one thing our viewers may assume is that democratic base is now energized and the convention is now partly responsible for that. rece recently, jim -- our new poll, how do you feel strength of support, 72% of voters are strongly excited. that's a virtual tie and extremely or very enthusiastic about voting in november, 65% of republicans. 64% of democrats. does that worry you? in '08, part of the reason the president won was his people were way more enthusiastic than john mccain's. >> we heard enthusiasm on the republicans side last year and now it's down to turn out. people are voting right now. today. they're starting to vote tomorrow this ohio. our supporters are camped out at polling places and thousands more democrats voted in iowa last week than republicans. that's the way we've built this organization on the ground for the past 500 days. we're ip venvesting in a ground organization. >> we'll hit pause there, but going to be talking a lot to both of you in the next 30 some odd days a
looking at it with regard to krugman's piece and something to do with the deficit, is that going to be spun positively if they're working on it or more fearmongering that something really heinous will go down. >> okay. so keep sticking with what's working for now. we'll keep an eye on this. but kevin, thank you. you always keep us up-to-date on everything happening down there. >> one more quick thing i'll say. watch silver. a lot of popularity in it. we didn't get an outright sell signal, but we got very bearish divergences for silver when it made a new high yesterday. trading over $41 on ebay for silver coins. well over the price in the marketplace. so watch out for that. could be an actionable trade. >> okay, kevin. thanks for the tip. >>> if you have any questions, comments about anything you see here, squawk@cnbc.com. coming up, the chicago teachers strike back in the headlines this morning. we'll find out why next. and then ian poulter's in the building. attention golf fans ever where. >> look at that. every player's name. unbelievable. >> got to be careful. >> i don't want
't believe you have to touch medicare to take care of the deficit or the debt. >> listen, it's a numbers issue right? i'm a numbers guy. used to be 40 years ago that you had two people in america working to pay for every one retiree. now it's basically, you know, one worker paying for 10 to 20 different retirees because we've got this horrific demographic shift, 7500 people turning 60 every day. you're right. the numbers are unsustainable. what was interesting about your chart was this. i'll tell you what. the president is glad the election is only 39 days away. because yesterday kind of quietly, i don't want to get wonky, we had dismal economic data. we referenced it at the top. durable goods was terrible. boeing sold only one aircraft in august. gdp was revised down. 25% of people, i can't remember the source of the poll, basically said they'll slow down spending because of the fiscal cliff issue. things are slowing down because people, smart viewers of "morning joe" and cnbc know that we're going to get the biggest tax hike in history if congress doesn't do something so the economy is
the question about who can handle the economy has changed. it used to be obama was suffering a big deficit next to romney with that. since several weeks ago, probably tied to the convention, those numbers have turned and all of a sudden the democratic brand with respect to the economy has become more popular than the republican brand. >> mourdock who has been a hardliner, he's been trying to embrace the moderate positions claiming he's more open to compromise, claiming he will protect social security and medicare. but this is not the same mourdock who defeated richard lugar in the primary. are richard lugar and others paying their price for the extremism? >> i would add to what sam said, part of the aftermath of 47%-gate. it's tough to make the argument you're best on the economy when you think you should only be working for half of the people on the economy, right? that's how the comments were perceived. to your question, ed, i want to add, this is not just having a trickle-down effect to other senate races. the only shot we have at electing a new woman governor is actually -- >> it's ticket-w
to use that money to reduce the budget deficit. i'm putting it back into medicare and i'm the guy running for president. >> well, what a miserable time he has. all he does is defend himself against paul ryan's budget and he put the guy on the ticket. >> chris, i remember when this happened. when you put ryan on the ticket, a lot of democrats said, okay, it's over, we've got it. and i was skeptical about that when they said it, and i think a lot of us who like to hear intellectual debates about policy said, great, fwring it on, let's have a big debate about the philosophy of government. down in florida they don't care about the fill loss pi. >> all politics a local. >> they want the program, they like the program, don't mess with the program. >> let's go to something really big because i like this guy so much. this is jim webb who is retiring as the senator from virginia. he's a democrat but a different kind of democrat. many people, including me, believe he's eviscerated romney with these words he spoke. remember what romney was saying, there's the takers and the makers out there, includi
're not happy with the deficit plans, you're not happy with the tax plans. but the thing that really caught my eye because it's the credo of this show. you believe that free market capitalism is the best way to grow the economy. i do too, susan. did that push you toward romney? >> absolutely. i think capitalism is the most efficient genius of american culture. and i feel that the current president doesn't see a problem that a government program can't solve. and i have much more faith in individuals. >> government trickle down. that is what the phrase that romney used. government trickle down zblin deed. >> i thought that was pretty darn clever. steve right here is cringing already about that. but government trickle down, susan. did that turn you off? >> yeah. very much so. and i think it's an accurate reflection of the philosophy of this administration. >> all right. how about the debate? we'll give you a few seconds. debate last night? please, not please? give me a quickie. >> i think you said it best, larry, when you said that the president's clock was politely cleaned. it was very -- it was
% say reforming the tax code. 33% say reducing the federal deficit. 6% say health care. 15% say i don't really care. fascinating. >>> let's see what's coming up on street signs. mandy? >> okay. we're going to take a look at why oil prices are dropping for all the wrong reasons on street sign. yeah, we might get cheaper gas eventually, but at what cost to the global economy? >>> then, we're going to debate what is better for your money, an obama win or a romney win. >>> plus, the one thing that wall street wants to hear at tonight's debate. >>> and later on, american airlines says all the seats are fixed. >>> lots of things coming up at the top of the hour. back to you on "power lunch." >>> the world's top asset managers and investors are meeting today to discuss the economic landscape and how to navigate it. our david faber is with them at the barefoot economic summit in larue, texas. >> i've joined by founder, cio of golden tree house and management. they're in bank loans, they're in bond, distressed investments, private equity structured products. credit is the name of the game when
for the wealthy as part of the eurozone country's plan to bring down its deficit. so which other countries have super-high tax rates? and what are the implications here in the u.s., robert frank? >> reporter: well, franco francois allan brought bad news for the french today. this increases their tax rate from 48% to a whopping 75% income tax rate. this would apply to people who make more than 1 million euros a year. and france now by far has the highest income tax in the world. if you look at this chart you see france there at number one, second place is aruba followed by sweden, 56%. then the u.s. way down on the ranks at number 35. sort of in the middle of the whole list with its again 35% top tax rate in the u.s. early estimates said this 75% tax rate would only affect around 30,000 taxpayers. but i've been on the phone with a lot of french tax lawyers this morning. they said the number's far lower. maybe only 2 to 3,000 people in france would actually pay this tax. the reason is that this tax really only applies to salary and ordinary incomes. it doesn't apply to capital gains, interest inc
Search Results 0 to 49 of about 53 (some duplicates have been removed)